Currency Buzz: INR Supported By Firm Equities

4 Apr 2022 , 05:03 PM

The Indian rupee started the financial year 2022-23 on a bullish note and settled 19 paise higher at 75.55 (provisional) against the US dollar on Monday, supported by a firm trend in domestic equities. At the interbank forex market, the local unit opened at 75.77 against the greenback and witnessed an intra-day high of 75.42 and a low of 75.79. It finally ended at 75.55, registering a rise of 19 paise over its previous close. On Thursday, the last trading session of FY22, the rupee had advanced by 16 paise to close at 75.74. The local unit, however, closed the 2021-22 fiscal with overall losses of 3.61 per cent or 264 paise against the American currency due to a stronger dollar and surging crude oil prices. The forex market was closed on Friday for the annual account closing of banks. Meanwhile, the dollar index, which measures the greenbacks strength against a basket of six currencies, rose 0.12 per cent to 98.75.

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